National oil companies in the Middle East and Asia are expected to contribute in a big way to the 7 percent increase in global upstream oil and gas investment in 2024, the International Energy Agency (IEA) said in a report.

IEA has forecasted global upstream spending to reach $570 billion in 2024, at a similar level as 2023, the Agency said in its annual World Energy Investment report.

Total energy investment worldwide is forecast to exceed $3 trillion in 2024 for the first time. Nearly $2 trillion will go toward clean technologies, including renewables, electric vehicles, nuclear power, grids, storage, low-emissions fuels, efficiency improvements and heat pumps, the report said.

“Clean energy investment is setting new records even in challenging economic conditions, highlighting the momentum behind the new global energy economy. For every dollar going to fossil fuels today, almost two dollars are invested in clean energy,” IEA Executive Director Fatih Birol said.

Oil and gas companies’ investments in clean energy reached $30 billion in 2023, accounting for only 4 per cent of the industry’s overall capital spending. However, coal investment continued to rise, with more than 50 gigawatts (GW) of unabated coal-fired power approved in 2023, the highest since 2015.

(Writing by P Deol; Editing by Anoop Menon)


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